GBP/USD hit 1.5240 during European morning trade, the session high; the pair subsequently consolidated at 1.5244, rising 0.28%.The pound rose against the U.S. dollar on Tuesday, boosted by upbeat U.K. construction activity data, while demand for the greenback slightly weakened as market participants locked in profits from its recent rally. Cable was likely to find support at 1.5161, the low of May 7 and resistance at 1.5345, the high of May 29. In a report, market research firm Market and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers’ index rose to 55.9 last month from a reading of 54.2 in April. Economists had expected the index to improve to 55.0 in May.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5390 TARGET 1.5410 1.5440 SL 1.5360
SELL GBP/USD BELOW 1.5300 TARGET 1.5280 1.5250 SL 1.5330
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